When faced with insolvency proceedings, it can sometimes be difficult to see clearly. The best advice a insolvency consultant could give you is to don't give up.
There are many ways to get out of a precarious financial situation. Sometimes, all you need to do is readjust your aim and find the right solutions to the problems that are causing your situation.
On the other hand, if you're drowning in debt, insolvency proceedings may be your only solution. Si c’est le cas, un conseiller en financial turnaround ou un syndic autorisé pourra vous informer sur tout ce qui touche à la bankruptcy and insolvency act.
Our team can provide you with all information you need.
Nevertheless, to determine whether insolvency proceedings are right for you, find out what our financial recovery experts have to say.
1. Analyze your attitude to money
Before starting insolvency proceedings, it's a good idea to analyze your current situation. Is it possible that you can change your situation simply by changing your habits? Here are a few early warning signs to avoid bankruptcy :
- You spend more than your budget allows, or you can't pay your credit card bills every month;
- Your credit card is no longer practical, but necessary;
- You only pay the minimum amount and don't reduce your debt;
- Vous vous faites harceler par vos creditors pour des paiements que vous ne pouvez assumer, ou devez faire affaire avec une agence de recouvrement ;
- Utilities are cut off for lack of payment;
If you recognize yourself in one of these situations, don't panic: there are solutions available to you.
2. Seek help from a specialist insolvency advisor
Once you've discovered your risk behaviours, it's time to seek professional help. A specialized insolvency advisor can help you determine the best course of action. to put your finances in order. Don't declare bankruptcy unnecessarily; there may be many other options available to you, such as debt consolidation or the consumer proposal.
These options are only available to you through a licensed insolvency trustee. They are the only professionals authorized to administer insolvency proceedingsincluding bankruptcy and consumer proposals.
What's more, by seeking help from a licensed insolvency trustee, you put a definitive stop to your creditors' harassment. Your trustee represents you and manages your file, as well as your creditors. Any legal proceedings initiated against you will therefore be put on hold during the negotiations.
3. Always be honest with your trustee
Provide your building manager with all relevant information concerning your case. It's the best way to put the odds in your favor.
Please understand that bankruptcy is not your only option when it comes to insolvency procedures. Only an experienced financial advisor or licensed trustee can advise you on the ideal solution depending on your file. There are many advantages to avoiding bankruptcy.
If this is possible for you through a consumer proposal or a debt consolidationyou should always choose this option.
If you have any questions about insolvency proceedings, please contact us. An experienced member of our team will be happy to take your call.
